Bullish (BLSH) AI Stock Analysis

• Market Cap: $4.55B
• Dividend Yield: N/A
• Average Volume (3M): 1.53M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.74
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 400
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.10
• Shares Outstanding: 150,683,750
• 10 Day Avg. Volume: 2,049,498
• 30 Day Avg. Volume: 1,534,252
• PEG Ratio: -1.35
• Price to Book (P/B): 4.16
• Price to Sales (P/S): 0.04
• P/FCF Ratio: -295.06
• Enterprise Value/Market Cap: 1.11
• Enterprise Value/Revenue: 0.02
• Enterprise Value/Gross Profit: 2.07K
• Enterprise Value/Ebitda: -1.86K
• 1Y Price Target: $53.00
• Price Target Upside: 75.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.67
• Revenue Forecast (FY): $379.42M

• Rating: 50 Neutral
• Price Target: $30.00 ▼(-0.66% Downside)

The score is held back primarily by weak financial quality (profitability and operating cash flow) and bearish technical trend (price below major moving averages with negative MACD). The latest earnings call provides a meaningful positive offset via record adjusted results and strong early growth initiatives, but near-term risks remain given flat Q4 SS&O guidance and U.S. onboarding friction.

Positive Factors

Rapid revenue growth and improving EBITDA

Sustained, high single‑quarter revenue and EBITDA records indicate strong product-market fit across trading, liquidity services and options. Durable top-line scale improves ability to invest in infrastructure and product development, and creates room to convert growth into sustainable profits over time.

Conservative capital structure (low leverage)

A low debt‑to‑equity ratio provides financial flexibility to fund expansion, absorb market shocks, and invest in regulated U.S. growth without heavy refinancing risk. This strengthens long‑term resilience and supports multi‑year strategic initiatives such as institutional onboarding and product rollouts.

Regulatory authorization enabling U.S. expansion

Obtaining a BitLicense is a structural milestone that lowers regulatory barriers and builds trust with institutional and retail U.S. clients. It enables regulated product offerings, supports long‑term market access, and helps monetize tokenization and index opportunities across U.S. exchanges.

Negative Factors

Negative operating cash flow

Persistent negative operating cash flow signals that core operations are not yet self‑funding, raising reliance on external capital. Over months to years this constrains reinvestment, increases dilution or leverage risk, and makes sustained product and market expansion dependent on financing availability.

Low profitability and thin operating margins

Despite rapid revenue growth, weak gross and operating margins limit free cash generation and the firm’s ability to scale profitably. Without margin expansion via pricing power, product mix, or cost efficiency, long‑term returns and funding capacity for strategic initiatives remain constrained.

Prolonged U.S. customer onboarding friction

Lengthy, diligence‑driven onboarding is a structural headwind in the post‑FTX regulatory environment, slowing U.S. revenue capture and raising acquisition costs. Over time this delays network effects, hinders scale in a key market, and favors incumbents with established compliance infrastructure.

Bullish Business Overview & Revenue Model

Company Description

Bullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. The company also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights, operates Coindesk.com, a leading digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. Bullish was founded in 2020 and is based in George Town, Cayman Islands.

How the Company Makes Money

Bullish generates revenue through several key streams: transaction fees from trades executed on its platform, which are charged to users based on the volume of their trades. Additionally, Bullish may earn money through market-making activities, providing liquidity to the market while profiting from the spread between buying and selling prices. The company may also engage in partnerships with other financial institutions, enhancing its service offerings and creating additional avenues for revenue, such as referral programs or joint ventures in the cryptocurrency space. Furthermore, Bullish could explore revenue from premium services or subscription models for advanced trading features aimed at professional traders and institutions.

Bullish Financial Statement Overview

Summary

Strong revenue growth (114.8%) is a clear positive, and the balance sheet is relatively stable with low leverage (debt-to-equity 0.23). However, weak profitability (low gross/net and minimal EBIT/EBITDA margins) and negative operating cash flow weigh heavily on overall financial quality.

Income Statement

Bullish has shown a significant revenue growth rate of 114.8% in the latest year, indicating strong top-line expansion. However, the company struggles with profitability, as evidenced by low gross and net profit margins. The EBIT and EBITDA margins are also minimal, suggesting challenges in operational efficiency.

Balance Sheet

The company maintains a relatively low debt-to-equity ratio of 0.23, indicating conservative leverage. However, the return on equity is modest at 3.29%, reflecting limited profitability relative to shareholder equity. The equity ratio is healthy, suggesting a stable financial structure.

Cash Flow

Bullish has experienced a substantial improvement in free cash flow growth, but the operating cash flow remains negative, indicating cash flow challenges. The free cash flow to net income ratio is positive, suggesting some ability to convert earnings into cash, yet the overall cash flow position is weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	246.61B	250.26B	116.51B	72.90B	1.32B	0.00
Gross Profit	2.45M	5.28M	-21.67M	-6.55M	-1.04B	0.00
EBITDA	-2.72M	131.65M	1.31B	-4.12B	-1.27B	0.00
Net Income	-61.05M	78.53M	1.30B	-4.25B	-1.40B	-119.02M
Balance Sheet
Total Assets	4.62B	3.05B	1.80B	3.41B	7.46B	5.05B
Cash, Cash Equivalents and Short-Term Investments	1.63B	250.36M	367.67M	1.41B	1.23B	239.38M
Total Debt	582.57M	543.07M	440.40M	14.13M	6.50M	1.01B
Total Liabilities	645.33M	646.75M	522.23M	1.52B	1.34B	1.04B
Stockholders Equity	3.92B	2.39B	1.28B	1.88B	6.11B	4.01B
Cash Flow
Free Cash Flow	-41.69M	-33.69M	-127.63M	193.64M	-455.26M	-150.00K
Operating Cash Flow	5.47M	-29.98M	-126.67M	194.93M	-120.95M	-150.00K
Investing Cash Flow	-5.69M	-45.08M	3.92M	-1.29M	1.50B	128.41M
Financing Cash Flow	46.28M	-980.00K	-1.21B	-7.73M	-340.36M	1.31B

Bullish Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BLSH	50 Neutral	$4.55B	―	―	―	―	―
ATCH	44 Neutral	$32.62M	-0.09	―	―	―	―
RVYL	43 Neutral	$6.30M	-0.12	-993.23%	―	-44.25%	82.71%
CETX	41 Neutral	$13.24M	>-0.01	-415.08%	―	16.50%	―
TAOP	40 Underperform	$1.88M	-0.16	-46.76%	―	-15.10%	-177.14%
HUBC	39 Underperform	$6.53M	-0.06	―	―	-30.70%	82.02%